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Crypto.com Laid Off 260 Employees - Then Quietly Let Go of Hundreds More (theverge.com) 27

Posted by msmash from the closer-look dept.
In June, cryptocurrency exchange Crypto.com announced it was laying off around 260 employees, or 5 percent of its workforce, due to the widespread downturn in the crypto market. But layoffs did not end there. From a report: Sources in and outside the firm tell The Verge that the company has quietly let go of hundreds more employees since the initial layoffs. These new layoffs have not been publicized, and it's difficult to estimate their exact number. Crypto.com has been trying to limit knowledge of the extent of these departures even within the company, with CEO Kris Marszalek refusing to answer a question about the total figure in a recent employees-only town hall meeting. All this suggests that Crypto.com -- one of the most visible players in the crypto market, with a Super Bowl ad starring LeBron James and its own named stadium, formerly LA's Staples Center -- might be under greater financial stress than publicly known.

"We were assured the layoffs would impact 5 percent, 260 employees only," one source with close knowledge of the situation told The Verge. "People in the company recently noticed many employees disappearing from our internal slack or scheduled meetings. Due to the lack of internal transparency, one can only estimate the extent of this layoff round: we increased our staff by ~50 percent since 2021, and almost all of them were hired to fuel growth. Now it seems these additional ~1,300 staff are viewed as costs to be reduced, in order to save the business," the source continued.
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Crypto.com Laid Off 260 Employees - Then Quietly Let Go of Hundreds More More

Crypto.com Laid Off 260 Employees - Then Quietly Let Go of Hundreds More

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  • All I can do now is laugh at the people who took their savings to the casino.
    And lost it all.

    • At the least in the casino they give you free drinks

    • I'm not sure how you can laugh at that. If it was an actual casino and they knew what they were doing, maybe there is some macabre humor. But these are people who were tricked via celebrity endorsements and news articles that make crypto seem like a real investment. And it was pushed by celebrities. Would you laugh at old ladies who get robbed crossing the street.

      And even if human compassion doesn't kick in, those people who have lost a lifetime of savings will now have no choice but stress the social

  • Can we please change the name of the Crypto.com Arena? It’s a stupid name.

    Thanks.

    • Re: (Score:1)

      by Anonymous Coward
      On November 16, 2021, it was announced that the naming rights to the Staples Center had been acquired by Singapore-based cryptocurrency exchange Crypto.com, renaming it Crypto.com Arena effective December 25, 2021 (with the changeover coinciding with the Lakers' nationally televised Christmas Day game). The deal was reported to be valued at $700 million over 20 years, in comparison to the $116 million paid by Staples under its previous 20-year agreement.

      • On November 16, 2021, it was announced that the naming rights to the Staples Center had been acquired by Singapore-based cryptocurrency exchange Crypto.com, renaming it Crypto.com Arena . . . The deal was reported to be valued at $700 million over 20 years, in comparison to the $116 million paid by Staples under its previous 20-year agreement.

        $700 Million for naming rights is a pretty sweet deal for the owner of the Staples Center.

        What are the odds that Crypto.com goes out of business long before Staples Center collects any substantial amount of money from them?

        • Re: (Score:2)

          by tlhIngan ( 30335 )

          What are the odds that Crypto.com goes out of business long before Staples Center collects any substantial amount of money from them?

          Presumably it's paid in installments so they'd have been paid for the name up to now. It's not like they got to name the place and then the place collects the money later.

          Chances are, they probably paid 10-20% up front and are collecting the rest in yearly or quarterly installments.

          Of course, crypto money meant everything inflated in price - I'm sure that $700M was tossed arou

        • Unless the Staples Center was paid in Bitcoins...

  • Good riddance. However, I worry a bit about this similar to when I was a kid and I'd shoot jackrabbits. The young males were covered with vermin (mostly ticks) because they didn't have another rabbit to groom them. When they died, the ticks would detach and go squirming off to try and attach to something else. It was gross. Too bad we can't just nuke these companies from orbit.
  • Anyway...

  • Why did they need thousands of employees? (Score:2, Insightful)

    by Anonymous Coward
    What did they all do?
  • I thought there was the thing called WARN that required a company when doing a big layoff to give a heads up. Is this place too small?

  • Their branding is splayed all over the courses of Formula 1. That's not a cheap sponsorship. F1 is also the home of very sketchy sponsors. Look up Haas and Rich Energy.

    I expect the brand to rather abruptly disappear during some future race.

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